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Economics
vocab words
| Term | Definition |
|---|---|
| economics | the study of the choices that people make to satify their needs and wants |
| economist | a person who studies these economic choices |
| microeconomics | is the study of the choices ,ade by economic actors such as households, companies and individual markets |
| macroeconomics | examines the behavior of entire economies |
| consumers | the people who decide to buy things |
| producers | the people who make the things that satisfy consumers needs and wants |
| goods | are physical objects that can be purchased |
| services | are actions or activities that are performed for a fee |
| resources | anything that people use to make or obtain what they need or want |
| factors of production | resouces that can be used to produce goods and services |
| natural resources | items provided by nature that can be used to produce goods and to provide services |
| human resources | any human effort exerted during production |
| capital rescources | the manufactured material used to create products |
| capital goods | the buildings, structures, machinery, and tools used in the production process |
| consumer goods | the goods and services that people buy |
| technology | is the use of technical knowledge and methods to create new products or make existing products more efficiently |
| entrepreneurship | the combination of orginazational abilities and risk taking involved in startinga new buisness or introducing a new product |
| entreprenuer | a person who attempts to start a new buisness or introduce a new product |
| scarcity | is the most basic problem of economics, because it forces people to make desicions about how to use resources efficently |
| allocate | to distribute |
| productivity | the level of output that results from a given level of input |
| efficiency | the use of the smallest amount of resources to produce the greatest amount of output |
| division of labor | assigning a small number of tasks to each worker |
| specialization | this focus on one activity |
| trade-off | sacrifice |
| oppurtunity costs | the value of the next best alternitive that is given up to obtain a preffered item |
| production possibilities curve | shows all of the possible combinations of two goods or services that can be produced within a stated time period,given 2 important assumptions |
| exchange | producers and consumers agree to provide 1 type of item in return for another |
| barter | direct trade |
| money | any item that is readily accepted by people in return for goods and services |
| credit | allows consumers to use items before completing payment for the merchandise |
| value | it can be exspressed as an amount of money or price |
| utility | usefulness to a person |
| self sufficency | to be ableto fulfill all of their needs withouut outside assistance |
| interdependence | the reliance among economic actors |
Created by:
BigDawg1
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